An inside track to an affordable home

By Dan Cabot
Published: October 30, 2008

The Island Affordable Housing Fund (IAHF), the fundraising arm of the Vineyard's affordable housing efforts, last month unveiled a new wrinkle. In a letter sent to Island businesses, the IAHF offered substantial donors the opportunity to pick an approved applicant from the Dukes County Regional Housing Authority (RHA) waiting list to be awarded a home in the planned project at 250 State Road in West Tisbury. IAHF executive director Patrick Manning told The Martha's Vineyard Times that while there have been some expressions of interest, so far no business has accepted the opportunity.

The affordable housing project at 250 State Road in West Tisbury, depicted above, is an opportunity for a family in need of housing, and for business owners.

In order to qualify to buy a RHA home at far below market rate, an applicant must have an income within certain guidelines and demonstrate the ability to keep up with the mortgage and other expenses. The RHA currently has about 300 qualified applicants waiting for affordable housing projects of various kinds.

The project at 250 State Road sprung from a deal with a family estate that allowed the Island Housing Trust to purchase and develop a 3-acre and a 5-acre parcel in West Tisbury while allowing the land to be protected through the Martha's Vineyard Land Bank. There will be eight homes for sale - two each for applicants earning 80, 100, 120, and 140 percent of the Dukes County median yearly income.

One of eight designs for an affordable home for an Island family.

The new wrinkle explained in the letter from the IAHF allows a business to donate $50,000 and pick a qualified applicant for one of the houses restricted to buyers at 120 percent of median, or $75,000 and pick an applicant at 140 percent. The donation, according to the letter, will not only assist in the construction of the home awarded, but will help subsidize all the homes in the project.

The Martha's Vineyard Times asked Mr. Manning whether the opportunity might seem unfair to others on the waiting list, who do not have a sponsor to buy them an award. He replied that the IAHF board discussed that concern at length. The IAHF already accepts restricted gifts of various kinds, such as Community Preservation Act funds restricted to residents of a particular town, or donations restricted to teachers, municipal employees, or other groups, he said.

What's what

Confused by all the affordable housing agencies?

The Island Affordable Housing Fund raises money for affordable housing projects.

The Island Housing Trust owns the land purchased with IAHF money or otherwise acquired, and either sells it or leases it to qualified applicants.

The Dukes County Regional Housing Authority qualifies applicants and awards affordable housing according to guidelines set by whoever is providing the housing.

"There are people who would never think about giving to affordable housing for someone they didn't know," Mr. Manning explained. "This is a way to reach out to new donors of significant sums." He added that all RHA clients, both those who have been awarded homes and those still waiting, have been very supportive of all IAHF fundraising initiatives.

The IAHF letter says that the deadline for this opportunity is November 1. However, Mr. Manning told The Martha's Vineyard Times that it might be extended. Construction at 250 State Road will not begin until next spring. Interested employers may contact Mr. Manning at 508-696-0943.